Sentences with phrase «avoid policy lapse»

However, one should be careful and avoid policy lapse which can occur by missing premium payments as there will be no insurance agent to remind you of your premium payment due date.

Maintained updated database of clients, informed monthly, quarterly, half - yearly, or annual premium, and avoided policy lapse

Not exact matches

Even if your auto insurer hasn't found out about your DUI, we recommend being honest to avoid other dangers that might increase your rates further, like having your policy lapse.

And if you utilize the policy correctly, using loans and avoiding coverage lapses or surrenders, you will never need to pay taxes on the cash value growth.

As a responsible grown up, you need to make sure that you have your health insurance in place, and better sign up before getting evicted out of your parents» policy to avoid any lapses in contributions.

If your policy has a large outstanding loan and you will have difficulty repaying it to avoid a lapse, it might be better to use the remaining loan balance to purchase a reduced paid - up policy.

This automatic loan avoids a lapse of the policy, keeping 100 % of the death benefit in force.

You can also reduce the face amount of a loan or surrender a certain amount of cash value to avoid incurring tax liability from a policy's lapse.

You must be vigilant in keeping this type of policy current for in order to avoid any lapse in coverage.

There is a target premium for ideal growth, and also a maximum (to avoid the policy becoming a MEC) and also a minimum to prevent policy lapse.

Life insurance companies issuing a «no - lapse» policy AVOID paying cash surrender values to policy holders who terminate their coverage so they use this extra source of profit to be able to lower the premiums.

If elected, the guarantee provided by this benefit may help you avoid tax consequences of a policy lapse due to excessive loans or withdrawals.

If you intentionally canceled or allowed your insurance policy to lapse, you must send your registration plate and registration card to the following address within 30 days of the cancellation date to avoid vehicle registration suspension penalties.

Another thing to think about is avoiding a lapse in policies.

Most policies begin and expire at 12:01 a.m. To avoid a lapse in coverage, which could result in a higher rate, start your new policy on the same date that your current policy expires.

You can avoid the hassle and financial burden of being caught without auto insurance if you avoid allowing your car insurance policy to lapse.

You can avoid a lapse in coverage by purchasing a new policy with a coverage date that begins before your current policy ends.

A life insurance loan rescue plan (or «life insurance rescue» for short) is a way to describe various strategies that aim to avoid the tax consequences of lapsing life insurance due to a policy loan, ideally while maintaining at least some of the life insurance death benefit as well.

And if you utilize the policy correctly, using loans and avoiding coverage lapses or surrenders, you will never need to pay taxes on the cash value growth.

Have you ever tried to keep a policy afloat just long enough to pay out as a death benefit and avoid any tax consequences that would occur if the policy lapsed?

The starting point in trying to avoid a loan - driven policy lapse and rescue the policy, is to do a thorough evaluation of the current policy as it stands today.

There is a target premium for ideal growth, and also a maximum (to avoid the policy becoming a MEC) and also a minimum to prevent policy lapse.

Given the fact that the policy is projected to lapse, and that there is no net growth under the policy as the insurance charges and other policy costs (about $ 12,388) far exceed any growth potential (even at 4 % on $ 83,127 of cash value with another premium payment, it's only $ 3,325 of growth), Barbara's inclination was to simply cancel the policy (or technically to suggest to the trustee to allow it to lapse, as technically it's the trustee's decision in the case of an ILIT), avoid the insurance charges, and reinvest the cash value.

By doing something as simple as opening and reading your mail from your insurance company, you will be kept aware of any changes to your insurance policy's status and avoid lapses.

You know that you have to pay premium by due date in order to avoid the policy from getting lapsed.

Hence, to avoid these circumstances and to prevent your LIC policy from lapsing, it's important that you keep a regular check on the status of your LIC policy.

He further alleged, «We have observed that a few life insurance companies misuse the prescribed terms and conditions to avoid rendering the sum assured to the policyholder in event of reinstatement of policy after a lapse, only the only premium is refunded to the policyholder.»

His insurance company had contacted him stating that his policy needed an additional $ 10k in funding to avoid a lapse in coverage.

Avoid letting your coverage lapse to keep your policy rates low.

This can be avoided with a no lapse guarantee policy, but it is a good idea to make premium payments regardless of your policy.

You can also reduce the face amount of a loan or surrender a certain amount of cash value to avoid incurring tax liability from a policy's lapse.

Also, if you choose to switch providers, you must make arrangements carefully to avoid a lapse between when your current auto insurance policy ends and your new one begins.

If you do decide to switch companies, be sure to have a policy in place with the new company before cancelling your old car plan to avoid a lapse in performance car insurance coverage.

If you do decide to switch, be sure you have a new policy in place before cancelling the old one to avoid a lapse in coverage.

For example, when changing policies, it is often important to complete the process in a particular manner so that a lapse in insurance is avoided, which would only leave you vulnerable to the possibility of a disaster in Westown happening during that lapse period.

To avoid coverage lapses, set up the new policy to go into effect and then inform your current insurer that you would like to cancel your policy on the day that the other one begins.